Jim Busby calls his broker to inquire about purchasing a bond of Disk Storage Systems. His broker quotes a price of $1,180. Jim is concerned that the bond might be overpriced based on the facts involved. The $1,000 par value bond pays 14% interest, and it has 25 years remaining until maturity. The current yield to maturity on similar bonds is 12%. Compute the new price of the bond and comment on whether you think it is overpriced in the market place.